Banks to refund scam victims

Banks to refund scam victims

A Facebook user shows multiple fraudulent cash withdrawals, all for small amounts, appearing in her bank statement. (Photo from Sharing Experience on Unaware Cash Withdrawal Facebook page)
A Facebook user shows multiple fraudulent cash withdrawals, all for small amounts, appearing in her bank statement. (Photo from Sharing Experience on Unaware Cash Withdrawal Facebook page)

Thai banks have confirmed they will pay back victims of unauthorised online withdrawals.

Payong Srivanich, chairman of the Thai Bankers' Association (TBA), said all member banks have agreed to refund victims within five business days for debit card holders.

In the case of credit cards, banks will cancel suspicious transactions and will not demand interest or any fees from cardholders.

The banks also will close the accounts of the credit cards used in irregular transactions and open new ones for customers with no fee charged, he said.

During Oct 1-17, the fraud involved 10,700 cards, of which 5,900 are credit cards, accounting for a transaction value of 100 million baht.

The remaining 4,800 are debit cards with transaction value of 31 million baht.

The Bank of Thailand (BoT) and the TBA on Tuesday held a joint press conference providing more details of the cases.

Siritida Panomwon Na Ayudhya, the Bank of Thailand's assistant governor for payment systems policy and financial technology group, said the BoT and the TBA have set guidelines for all banks to improve the prevention of unauthorised withdrawals. 

Measures include stepped up detection of suspicious transactions by extending monitoring to cover low-value as well as highly frequent transactions.

Once irregularity is detected, the banks should immediately freeze card usage and alert customers through all channels. The banks should also pay special attention to transactions made overseas.

Earlier, on Sunday, the BoT and TBA issued a joint statement noting that most cases were not the result of data leakage or hacking. Instead, they were mainly caused by the perpetrators' use of cardholder information to do transactions at online shops registered outside Thailand.

Most of the transactions involved small sums of approximately USD 1 per transaction.

Vocabulary

  • cardholder (noun): a person who has a credit or similar type of card -
  • irregularity: something that is not according to what is expected - ความผิดปกติ
  • joint: done together; belonging to or shared between two or more people - ที่ร่วมกัน, ความร่วมมือกัน
  • measures: actions that are intended to achieve or deal with something - มาตราการ
  • perpetrator: someone who has committed a crime, or a violent or harmful act - ผู้ก่อการ
  • press conference: an official meeting where someone makes a formal statement about a particular issue or event to journalists and answers their questions about it - การแถลงข่าว
  • prevention: the act of preventing something, or things that people do in order to prevent something - การป้องกัน
  • refund: to give back an amount of money that was paid out - คืนเงิน
  • scam: a dishonest plan, especially for getting money - กลโกง, แผนร้าย
  • stepped up: increased - เพิ่ม
  • suspicious: a feeling that someone or something cannot be trusted — - มีความสงสัย, ด้วยความสงสัย, สงสัย, พิรุธ
  • transaction: a business dealing - การติดต่อทางธุรกิจ
  • unauthorised: without having permission to do something - ที่ไม่ได้รับอนุญาต
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